In brief: Clearwater earnings soar

Clearwater Paper Corp. reported net earnings of $182.5 million in 2009, compared to net earnings of $9.7 million for 2008.

The company’s strong performance included a $47.1 million alternative fuels tax credit for the paper mills in Lewiston and Arkansas. The mills burn black liquor, a byproduct of pulp production, for energy output.

The company’s private-label tissue segment was also a strong performer last year. Shipments increased, while costs for wood fiber, transportation, energy and chemicals dropped.

On Thursday, Clearwater Paper officials announced that the company is building a $30 million tissue converting facility on the East Coast that will be finished in 2011. The company is also considering spending $120 million on new machinery and converting lines to serve markets in the Southeast. Converting facilities take huge rolls of tissue and convert them into individual rolls of toilet paper and paper towels.

Becky Kramer

Mortage rates fall second week

Washington – Rates for 30-year home loans edged lower for the second straight week, a report said Thursday, but remained above last year’s record lows.

The average rate on a 30-year fixed rate mortgage was 4.93 percent this week, down from 4.97 percent a week earlier, mortgage finance company Freddie Mac said.

Rates dropped to a record low of 4.71 percent in early December, pushed down by an aggressive government campaign to reduce consumers’ borrowing costs.

This week, the average rate on 15-year fixed-rate mortgages fell to 4.33 percent, down from 4.34 percent last week, according to Freddie Mac.

Associated Press

Poligrip maker will drop zinc

Washington – The maker of Poligrip denture cream will stop making formulas containing zinc amid lawsuits claiming years of excessive use caused neurological damage and blood problems in consumers, allegedly crippling some.

GlaxoSmithKline will stop making and marketing Super Poligrip Original, Ultra Fresh and Extra Care products in the U.S. The company plans to reformulate the creams without zinc.

The company, based in London, reported more than $520 million in denture adhesive sales last year.

It stressed that the products are safe when used as directed, but that some people use extra cream to correct ill-fitting dentures.

Glaxo’s voluntary action comes as hundreds of lawsuits are poised to go to trial, alleging Poligrip caused nerve damage, leading to a loss of balance, loss of sensation in the hands and feet, and leaving some patients paralyzed.

Associated Press